Home Buying in Kirkland>Question Details

Phil Leng Te…, Real Estate Pro in Kirkland, WA

How do you handle it if your buyer doesn't want you to get the $1000 special incentive bonus for selling a FNMA home to them?

Asked by Phil Leng Team 206-409-6600, Kirkland, WA Wed Apr 13, 2011

FM






FNMA just started a bonus for both the owner occupant buyer and the selling agent of a FNMA owned foreclosure.

Help the community by answering this question:

Answers

7
Have them call Obama himself, and maybe he or someone else at the white house can figure this out!
1 vote Thank Flag Link Wed Apr 13, 2011
Phil,

An agent could say, ..."Regretfully, I can't do that. My Broker
won't let me." An agent with a bit more backbone might say,
"I wish I could afford to give bonuses away. Can you afford to give
your bonuses away?"

Good Question

Marita Topmiller
Assoc Broker
Prudential Indiana Realty Group
1 vote Thank Flag Link Wed Apr 13, 2011
Or fire your buyer! Let them find an agent that will distribute the bonus back to the buyer...
0 votes Thank Flag Link Wed Nov 30, 2011
I would be very surprised if a client requested that you not get the pre-determined bonus. Maybe I could understand if they thought that may be a reason for you to steer them that way - although I am sure that's not the case here. In fact, if you are performing your duties and they are getting the home for the price and terms they want, why would it be a concern? I would say to them that it is pre-determined by FM and mandated. Plus, I think your broker technically owns that commission so perhaps that's not even your decision to make.
0 votes Thank Flag Link Wed Apr 13, 2011
Was the bonus offer disclosed to the client prior to them writing and signing the offer? If it was not disclosed first then I would ask your broker how you should handle it. The client may now feel that you steered them to the house.
0 votes Thank Flag Link Wed Apr 13, 2011
Hi,
If your buyer client is requesting that you (and your Broker) not receive a bonus for assisting them with purchasing a property that offers a bonus then I would question them as to why they are saying that. Was my service to them unsatisfactory? Was there something I did that they felt wasn't in their best interests? Is this home really a property they can picture themselves living in and be happy with? I would think that some type of trusting relationship should have been established so they wouldn't take this stance. I would also point out that they are receiving this bonus too which could assist them with their closing costs.
Ultimately, if the buyers were adamant about their agent not receiving the bonus then I would offer it to them to show them my willingness of working in their best interests and possibly be their "go to" agent in the future.

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Wed Apr 13, 2011
If the buyer is your client vs the seller of that home being your client, then what your commission will or will not be would be discussed before they choose a home to buy. We haven't been "selling a home to a buyer" for 20 years. If the $1,000 is more than you and your buyer client agreed to as your fee when the buyer hired you to represent them, then the buyer would be correct. If the commission with the $1,000 is less than the amount you agreed to with your buyer client, then you would be correct to keep it.

If you are not establishing the fee for your service with your buyer clients up front, before a house is chosen, you leave yourself open to potential problems and disagreements.

Generally speaking, incentives that steer you to "selling a house TO your buyer client" are inappropriate incentives, and impose a conflict of interest, since your interest should lie in which house is best for your client, the buyer.
0 votes Thank Flag Link Wed Apr 13, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer